# Table 14: Robustness Matrix — Z₁ Coefficient Across Specifications

| Specification | ca | gross_assets | gross_liab | income_balance | debt_assets |
|:---|---:|---:|---:|---:|---:|
| Full | 3.01 | -68.81 | 123.26 | 41.36*** | -32.07 |
| OECD | -39.15 | -1284.72** | -1075.66* | -1.92 | -595.51** |
| Non-OECD | -4.65 | 7.03 | 251.45 | 59.76*** | -22.79 |
| Excl FC | 4.50 | 70.77 | 250.45 | 41.76*** | 66.07 |
| Alt demo | -7.96 | 888.23*** | 814.03*** | 8.69 | 61.34 |
| OADR+20 | -1.94 | 1228.20*** | 1172.29*** | 9.63*** | 270.50*** |
| Inc: Low | 29.54 | 117.08* | 58.92 | 146.22*** | 47.16 |
| Inc: Mid | -25.76 | -666.36 | -426.76 | -5.85 | -128.55 |
| Inc: High | 39.09** | 133.85 | 430.44 | 19.68 | -21.61 |

*Each cell shows the Z₁ (or leading demographic proxy) coefficient.*
*Panel GLS with AR(1) errors. Controls: fiscal_bal_gdp, nfa_gdp_lag, log_rel_opw, kaopen.*
*Alt demo uses old_dep, youth_dep. OADR+20 uses predetermined dependency.*
*Financial centers excluded: LUX, IRL, HKG, SGP, CHE, NLD, BEL.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*